US oil inventories add over 3M barrels last week: API

Oil tanks

Crude oil inventories in the US rose last week by 3.13 million barrels, surpassing the expected increase of 1.8 million barrels, the American Petroleum Institute (API) said in its weekly report.

The country's gasoline stocks fell by about 928,000 barrels during the week ended Nov. 1, while distillate stocks dropped nearly 852,000 barrels.

Meanwhile, Brent crude futures for January delivery increased by 0.60%, or 45 cents, to close at $75.53 a barrel on Nov. 5. However, the prices were down for the intra-day high of $76.24.

WTI crude futures for December delivery rose by 0.70%, or 52 cents, to $71.99 a barrel, after touching $72.67 during the session.